GameStop to launch NFT marketplace by the end of July

GameStop will launch the NFT marketplace before the end of the second fiscal quarter of 2022

U.S. video game console and game retailer GameStop has announced that it will launch an NFT marketplace before the end of the second fiscal quarter of 2022.

The firm first announced the initiative in February.

The platform will be based on the second-level Ethereum solution from the Australian startup Immutable. The partners created a joint fund for $100 million in IMX tokens. The structure is intended to allocate grants to developers and content creators in the field of NFT. Immutable will also provide GameStop with up to $150 million in IMX “as certain milestones are reached.”

Earlier, one of the sources close to the company in an interview for The Wall Street Journal said that the platform will allow you to buy, sell and exchange non-fungible tokens based on in-game items.

“As we scale and expand our core offerings, we will simultaneously invest in additional growth, including blockchain, digital assets including NFTs, Web 3.0 technology, and new store formats,” the latest SEC filing reads.

Recall that the founder and head of Meta (formerly Facebook) Mark Zuckerberg confirmed the rumors about the appearance of non-fungible tokens on Instagram.

Earlier it was reported that the SEC has begun work to determine the compliance of NFTs as securities and the application of relevant legislation to them.

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